Briefly

M2 up in July; money spurs economy

China's broad money supply, or M2, by the end of July increased by 12 percent year-on-year. The corresponding rise was 11.4 percent a month earlier, indicating monetary conditions are accommodative enough to support the economy. The nation's outstanding aggregate social financing－the total amount of financing to the real economy－stood at 334.9 trillion yuan ($49.67 trillion) as of the end of July, up 10.7 percent year-on-year, the People's Bank of China, the country's central bank, said on Friday.

Huawei revenue down in first six months

Huawei Technologies Co said on Friday that its first-half revenue at 301.6 billion yuan ($44.8 billion) fell by almost 6 percent year-on-year, leading to a net profit margin of 5 percent, due mainly to US government restrictions. Huawei's carrier business contributed 142.7 billion yuan, the enterprise business 54.7 billion yuan and the device business 101.3 billion yuan. Hu Houkun, rotating chairman of Huawei, said the device business faltered, but the information, communications and technology infrastructure business maintained steady growth. "We'll harness trends in digitalization and decarbonization to keep creating value for our customers and partners, and secure quality development."

Bridge to boost water diversion project

A water diversion project between the Yangtze River, which traverses the southern part of Anhui province for some 400 kilometers, and the Huaihe River running through the northern part, is making new headway with the opening of a highway bridge in Hefei, the provincial capital. The Yulan Avenue Bridge has opened to boost the project, being built by China Railway No 4 Engineering Group Co Ltd. Construction started on Dec 29, 2016. The diversion project costs some 91.27 billion yuan ($13.5 billion) and aims to improve urban and rural water supply in Anhui and the neighboring Henan province, benefiting over 50 million people.

Car exports set record in July

China's exports of automobiles reached a new monthly record in July, industry data showed. The country's auto firms exported about 290,000 units of cars last month, up 67 percent year-on-year and 16.5 percent over June, according to the China Association of Automobile Manufacturers. July's exports of new energy vehicles or NEVs totaled 54,000 units, surging nearly 90 percent over June. In the first seven months of 2022, automobile exports reached about 1.51 million units, with passenger vehicles taking the lion's share. Car exports for the full year might top 2.4 million units, the association estimated.

Reverse repos add 2b yuan to system

The People's Bank of China, the country's central bank, on Friday conducted 2 billion yuan ($296.68 million) of seven-day, 2.1 percent reverse repos to maintain stable liquidity in the banking system. A reverse repo is a process in which the central bank purchases securities from commercial banks through bidding, with an agreement to sell them back in the future.

Renminbi weakens to 6.7413 against dollar

The central parity rate of the Chinese currency renminbi, or the yuan, weakened 89 pips to 6.7413 against the US dollar on Friday, according to the China Foreign Exchange Trade System. In China's spot foreign exchange market, the yuan is allowed to rise or fall by 2 percent from the central parity rate each trading day. The central parity rate of the yuan against the US dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day.

Xinhua - China Daily